Apex to provide fund administration services to SHUAA
21 October 2020 Dubai
Image: Rastislav Sedlak SK/Adobe Stock
Apex, a global financial services provider, has been appointed as fund administrator to the Financing Opportunities Fund of SHUAA Capital psc (SHUAA), an asset management and investment banking platform in the United Arab Emirates.
The fund is targeting special situations in the Gulf Cooperation Council and has already reached a total of $68 million in commitments from investors.
As part of the agreement, Apex will deliver fund administration services to SHUAA including financial reporting, investor communication, capital transactions and accounting support.
This announcement marks the further expansion of Apex’s existing relationship with SHUAA who recently announced the launch of three Sharia-compliant funds in Abu Dhabi Global Market administered by Apex.
Additionally, this highlights Apex’s presence in the UAE as the group recently acquired UAE-based Praesidium Advisory, a compliance and risk advisory firm.
Glyn Gibbs, regional head of business development, MENA at Apex Group commented: “SHUAA appointed Apex in recognition of our local expertise, and our flexible and bespoke approach to meet the specific requirements for this fund. Recent pioneering fund launches have positioned SHUAA at the forefront of the development of the Abu Dhabi Global Market and we look forward to providing innovative and scalable solutions to these funds.”
Natasha Hannoun, head of investment solutions at SHUAA Capital, added: “In the current climate of uncertainty and disruption in the global markets, Apex’s appointment helps to ensure that we provide our investors with efficient fund administration to complement the attractive investment proposition, and is testament to the outstanding levels of local expertise and service in evidence to date.”
The fund is targeting special situations in the Gulf Cooperation Council and has already reached a total of $68 million in commitments from investors.
As part of the agreement, Apex will deliver fund administration services to SHUAA including financial reporting, investor communication, capital transactions and accounting support.
This announcement marks the further expansion of Apex’s existing relationship with SHUAA who recently announced the launch of three Sharia-compliant funds in Abu Dhabi Global Market administered by Apex.
Additionally, this highlights Apex’s presence in the UAE as the group recently acquired UAE-based Praesidium Advisory, a compliance and risk advisory firm.
Glyn Gibbs, regional head of business development, MENA at Apex Group commented: “SHUAA appointed Apex in recognition of our local expertise, and our flexible and bespoke approach to meet the specific requirements for this fund. Recent pioneering fund launches have positioned SHUAA at the forefront of the development of the Abu Dhabi Global Market and we look forward to providing innovative and scalable solutions to these funds.”
Natasha Hannoun, head of investment solutions at SHUAA Capital, added: “In the current climate of uncertainty and disruption in the global markets, Apex’s appointment helps to ensure that we provide our investors with efficient fund administration to complement the attractive investment proposition, and is testament to the outstanding levels of local expertise and service in evidence to date.”
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